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Abstract
Written by Joseph Gold, former General Counsel and now Senior Consultant at the IMF, these volumes contain discussions of the ever-increasing body of cases in which the Articles have had a bearing on issues before the courts.
Abstract
This article discusses six cases, in most of which basic questions of law under the Articles of Agreement of the International Monetary Fund were raised. Two cases decided by German courts dealt with the unenforceability of certain exchange contracts; a case in New York and another in the Philippines involved exchange surrender requirements; a fifth case, decided in Brazil, considered multiple rates of exchange; and the last case, decided by the courts of the District of Columbia, dealt with the privileges and immunities of the Fund.
Abstract
This sixteenth installment in the series dealing with the effect of the Articles of Agreement of the International Monetary Fund on litigation examines a proceeding before an arbitral tribunal established under the Agreement on German External Debts in which the main issue was the meaning of the expression “the least depreciated currency” in relation to two revaluations of the deutsche mark. An important facet of this issue was whether the expression had to be understood within the context of the international monetary order established by the Articles.
Abstract
This seventeenth installment in the series dealing with the impact of the Articles of Agreement of the International Monetary Fund on litigation discusses two cases involving Article VIII, Section 2(b) of the Articles. The first case, decided by an English court, dealt with the issue whether that provision of the Articles applied to a claim against a bank under a confirmed irrevocable letter of credit. Little authority has existed hitherto on the question whether the provision qualifies the important legal principle that an irrevocable letter of credit is independent of the underlying commercial contract that gives rise to the letter of credit. The second case, decided by the Supreme Court of the Netherlands, raised the question of the application of the provision by courts in a region of the Kingdom of the Netherlands to a contract contrary to the exchange control regulations of another region of the Kingdom that had become independent after the contract was made but before the action was instituted.
Abstract
This chapter discusses the views of courts, legal scholars, legal practitioners, and officials on the relationship of the Articles of Agreement to the freeze of certain assets imposed by the President of the United States in November 1979. The chapter does not deal with the numerous other legal issues that have been discussed in connection with this action, except insofar as they have a bearing on the relationship of the U.S. measures to the Articles.
Abstract
The change of regime in Cuba in 1959 led to a considerable migration of citizens from that country. Many of these émigrés held insurance policies issued by U.S. or Canadian companies that had been doing business in Cuba. A wave of litigation based on these policies flooded into courts in the United States against both groups of companies.1 One company alone had more than 6,000 policies outstanding that had been issued through its Havana branch. “The pending suits involve all kinds of policy claims, including death claims, suits for cash surrender values of policies, annuity benefits and endowment proceeds, as well as actions to force insurers to accept premiums and maintain policies in force.”2
Abstract
The ninth article in this series discusses six cases in which certain aspects of the Articles of Agreement of the International Monetary Fund have been considered by the courts in six member countries. A Venezuelan case dealt with the effect of the Articles on the choice of an exchange rate by the court in awarding judgment on a claim expressed in a foreign currency. A case decided in the United States dealt with the question whether countervailing duties could be imposed because of multiple rates of exchange when they had been approved by the Fund with the concurrence of the United States. In a third case, an English court, for the first time, interpreted certain features of the English legislation giving the force of law to Article VIII, Section 2(b). A German case also dealt with that provision and is particularly interesting because of a novel development in procedure. A Netherlands court considered the relationship of Article VIII, Section 2(b) to nationalization. Finally, Philippine litigation involving the legality of certain exchange surrender requirements, in which aspects of the Fund’s Articles had been vigorously argued, has come to an end.
Abstract
All the cases discussed in this latest contribution to the jurisprudence involving the Articles of Agreement of the International Monetary Fund deal with Article VIII, Section 2(b):
Abstract
This latest installment in the series of articles dealing with jurisprudence in which the Fund’s charter has been involved discusses cases decided by the Federal Maritime Commission of the United States and the U.S. District Court for the Southern District of New York, the European Court of Justice, and the Supreme Court of the Netherlands. The issues raise or suggest some of the problems that the decline of the par value system has created or may create for the parties to transnational transactions and the drafters of international or private agreements.
Abstract
This installment in the series dealing with jurisprudence in which the Fund’s Articles of Agreement have been involved discusses some important cases dealing with exchange control. The cases that are examined have been decided by the Court of Cassation and other courts of France, the Court of Appeals of the State of New York, the Queen’s Bench Division and the Court of Appeal of England, and the Commercial Court of Brussels. The broad topics with which the cases deal are the relation of the unenforceability of certain contracts under the first sentence of Article VIII, Section 2(b) of the Fund’s Articles of Agreement to delictual claims involving these contracts, certain restrictive interpretations of that provision by some courts, and the effect of the doctrine of public policy (ordre public) on a litigant’s reliance on the exchange control laws of members of the Fund other than the country of the forum. In the discussion of this last topic, it is proposed that the interdependence among countries that they have recognized by becoming members of the Fund should lead their courts to apply the doctrine of public policy in a manner favorable to the exchange control regulations of other members if the regulations are consistent with the Articles. This approach would be particularly appropriate when followed by courts that have taken a narrow view of Article VIII, Section 2(b).